The recent policy statement on Consumer Duty signals the beginning of a comprehensive and ambitious phase of regulatory requirements. This development is poised to have a widespread impact on all retail financial firms, regardless of their scale. Financial advice firms, from small entities to national firms, are not exempt, prompting many to contemplate the specific implications of this new regulation.
Despite its substantial length of over 160 pages, the Consumer Duty paper is crucial for advisers to comprehend, and no one in the advisory field can afford to overlook it. In light of this, there are 12 essential questions that advisers must address. While some firms may already align with the new standards, those who don't have until the following summer to assess and make the necessary adjustments.
Click here to find out the 12 essential questions posed by Money Marketing.